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Gold remains steady

FXStreet (Mumbai) - Gold is trading steady ahead of the European session as bargain hunting at lower levels is seen supporting the prices, although a strong US Dollar continues to weigh.

Gold is trading 0.38% lower at USD 1165.50/Oz after having hit a high of 1168.5 levels earlier today. The broader gains have been capped by a strong US ISM manufacturing data released yesterday, which pushed up the treasury yields and the US Dollar. Meanwhile, the mixed action in the Asian equities fails to provide any clear indications to the Gold prices.

The yellow metal may see some respite as the European equity futures are pointing to a weak opening. Gold may rise if the European equity markets fall during the day ahead.

Gold Technical Levels

Gold has an immediate resistance at 1173.40, above which the prices may test 1183.50 levels. On the other hand, prices may fall to 1144 levels if the metal breaches the immediate support located at 1158 levels.

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